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20121104
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's one of the reasons why we have laws about how often, how many days in a row that banks can be closed, et cetera, so this is a big issue. >> yeah. nobody wants the appearance that they are in the able to actually open. the big thing is they have got to be able to convince their people that it's safe for everybody just to come in. once that happens, they are going to open immediately. >> and, of course, we can see pictures that we're looking at right now. that's the reason we won't see trading at the new york stock exchange. now correspondent scott cohn who has been watching the flooding throughout the day. scott? bill and michelle, this is what storm surge looks like. that is supposed to be the battery. it is underwater now, and they have told us that we could get another five feet of water as the tide comes in. the winds picking up here. this is not the greatest place to be. we are, of course, in the zone "a," the evacuation zone in new york city, and can you definitely see why that is. police have been patrolling back and forth here because there have been a lot of onlookers and the
have a society built on rule of law, enforcement of private contracts and understandings of what outcomes are going to be, when all of a sudden the governor decides fcht iat, what does that do to future insurance rates and the future of the availability of insurance? >> those are excellent questions. of course when we have a situation like this where after thing have been approved and insurers have set their rates and have made their agreements and bar gibbs on the basis of the availability of these dedubltth ductables and then we return after the fact we won't have them, that has definite consequences for consumers and insurers in terms of insurers needing to look are these going to be veil. it doesn't appear as if they are and yet we set our premiums on the basis of them. >> and then the consumers get in cheap and create a moral hazard to go right back and build against the shore line without any power. you create a moral hazard. i got to get out of here. in the last couple of esegments quu know attacking insurance companies and utility companies. i don't hear anything construc
Search Results 0 to 1 of about 2